U.S. Markets open in 4 hrs 3 mins

Ocwen closes $360M PHH acquisition

Jeff Blumenthal
Ocwen closes $360M PHH acquisition

Ocwen Financial Corp. has closed its previously announced $360 million acquisition of South Jersey mortgage company PHH Corp. The deal, announced Feb. 27, ends a rocky post-recession road for PHH, which delisted its stock from the New York Stock Exchange and becomes an Ocwen subsidiary. In 2017, the combined company originated more than $3 billion of residential mortgage loans including reverse mortgages.  In conjunction with the closing, former PHH CEO Glen Messina has become president and CEO of the combined company.